Veteran investor Stephen Jarislowsky is stepping down as head of Montreal-based Jarislowsky Fraser Ltd., the company said late Monday.
His move is part of a reorganization at the firm that will position the company for succession planning as Jarislowsky approaches retirement.
While he will be leaving his role as chief executive officer, Jarislowsky will maintain his role as chairman of the board.
The decision to start the transition was made following the announcement that Len Racioppo, the firm’s Toronto-based president and CEO and Marc Trottier, a Montreal-based vice president will resign as of November 30.
Racioppo was with the company for 25 years and was responsible for the firm’s day-to-day management.
The resignation of the two executives follows the departure of the firm’s former head of research Joe Sirdevan.
Pierre Lapointe is being promoted from executive vice president to chairman of the executive committee, which will remain in control of the overall management of the firm.
Erin O’Brien, the current chief compliance officer and chief financial officer, will join the executive committee as head of operations. As well, Margot Ritchie, who has been at the Toronto office for 20 years and Chris Kresic, who has been with the firm two years, will also join the committee.
Both Ritchie and Kresic will also co-chair the Investment Strategy Committee (ISC), which sets investment strategy and oversees the structure of client portfolios.
Founded by Jarislowsky in 1955, today the firm has $37 billion of assets under management.